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German government feels more confident about budget cut
Date: 2010/10/19 Click: 979
The German finance ministry showed more confidence Friday about bringing down its budget deficit, bringing forward the time it expects to reach the EU target of 3 percent of GDP from 2012 to 2011.

"Generally speaking, we are confident in reaching the 3 percent target next year," Finance Ministry spokesman Michael Offer said.

Earlier this year, the government expected the budget deficit would fall below the 3 percent limit only in 2012, with this year's deficit at 4.5 percent of GDP.

The more optimistic mood of the government was influenced by a two-year report issued by eight leading economic institutes selected by the government on Thursday.

The report expected the deficit would fall to 2.7 percent of GDP in 2011, as the government's stimulus program faded and a serious budget savings plan took effect.

In June, to counter the spread of a debt crisis among eurozone member states, the government passed a tough fiscal consolidation plan to save 80 billion euros (about 112.7 billion U.S. dollars) by 2014.

The institutes' report also said, "The German economy is on an upward track to make up for the fall in production caused by the crisis," confirming the measures taken by the government in countering the crisis, and cheering a German government that is suffering its lowest popularity.

The report meant the government had adopted the right measures against the crisis by first implementing a stimulus program and now making serious consolidation, German Chancellor Angela Merkel said on Thursday.
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